Question

When doing research to recommend a reasonable listing price for a home, the most critical part of the research deals with analyzing?

Answer 1

When doing research to recommend a reasonable listing price for a home, the most critical part of the research deals with analyzing "Recently sold home selling prices."

What is listing price?

In the real estate industry, the list price is the recommended gross sale price of residential property when it is placed on the market.

Some key features regarding the  listing price are-

• In some cases, comparative market analysis could be the most effective tool for determining a competitive list price.
• This type of analysis is typically performed by real estate agents while researching the prices of comparable properties sold in the area.
• Because no two properties are completely similar, agents will make appropriate modifications to take into consideration differences among house sales in a specific area in order to arrive at a reasonable list price.
• A comparative market analysis is not a formal evaluation. The real estate agent, on the other hand, will almost certainly use many of the same methods and techniques that an appraiser uses in order to arrive at a fair valuation for the estate.
• If the property is so distinct, either geographically or structurally, that no similar properties can be found, the holder may be required to hire a formal appraiser to ascertain the list price.

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